[Pen-l] Re: Paul Davidson sums up

[Michael Nuwer <nuwermj@xxxxxxxxx>]

David B. Shemano wrote:
> Since people are flawed mistake makers, the question becomes what institutional arrangements are best conducive to good decision-making by people and minimizing mistakes by people?  What institutional arrangements best allow mistakes by people to be corrected by people?  I think theory and history argue in favor of markets as opposed to the alternatives on the table.
>
> Neither I, nor Hayek, nor anybody I take seriously, believes markets inherently produce a Panglossian result.  All that we believe is that markets produce better results than the alternatives.

David,

I agree that many posters in this group don't have a very good understanding of 
Hayek's arguments. But Andy Denis makes a serious case that Hayek is Panglossian. 
 Andy's work is worth serious consideration.

Friedrich Hayek: a Panglossian evolutionary theorist
http://www.staff.city.ac.uk/andy.denis/research/thesis/05.htm

Was Hayek a Panglossian evolutionary theorist? A reply to Whitman
http://www.staff.city.ac.uk/andy.denis/research/cpe_whitman.doc

Another serious critique of Hayek from the left is Theodore Burczak's book 
"Socialism after Hayek". The neo-Austrian Steve Horwitz once told me that Ted's 
book is, in his view, the most serious challenge to current Austrian views.

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